May 18, 2012

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What Time of Year is Best for House Hunting?

February 10, 2012 By Leave a Comment

The hunt for the perfect home can be exhausting. Not only that, but the time of year you search for a house can greatly impact what you might pay or how many homes are available. While it is a buyer’s market, you should consider holding off for the right season. Whether you want the best price or the largest selection will determine what time of the year is best for house hunting.

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Deals in the Winter

Not a lot of homeowners list their properties in the winter. In fact, those properties that you do find have probably been on the market since the previous spring, if not longer. The most obvious reason is that people don’t want to go house hunting when it’s snowing, icy and just plain miserable outside. Homeowners may also hold off on selling their home in the winter because the curb appeal is rather drab during the colder months of the year. However, as a home buyer, you stand to save a lot of money shopping for real estate in the winter. Not only are there fewer offers being made, but homeowners are usually ready to sell and willing to take less than the asking price. This gives you more room for negotiation, especially if that homeowner has already moved into another home and needs to sell right away.

Options in the Spring

Who doesn’t love spring. The flowers are in bloom, the trees are bursting with new leaves and there are more homes hitting the market. Spring is when most homeowners list their homes for sell. Not only is curb appeal the best it will be all year, but it’s proven to be a good time to attract buyers. This means you will find a large selection of homes that meet your criteria. Unfortunately, this may also mean paying more than the asking price to beat out other home buyers. Still, if you want the biggest selection possible, spring is definitely the season to shop for a new home. Just remember to do your homework and not get caught up in a bidding war, which could result in paying more than the home is worth.

The best time of the year to buy a home depends on what you’re looking for. If you want the best price, winter is definitely your best bet. However, spring will offer a much larger selection of homes – just be prepared to pay more.

 

About the Author: Michael Bensinger, CMA, CCMA, FLWD is a certified phlebotomist who works in a phlebotomist training center at his local hospital. He has spent the past 7 years living in an apartment and is preparing to purchase his first home. Visit http://www.associationphlebotomytraining.com/ to learn more about his career path and to find out how you can join the medical profession.

 

Filed Under: Abu Dhabi Tagged With:

Is It Time to Downsize My House?

January 23, 2012 By Leave a Comment

There are times in our lives when we need large homes. This is especially true when raising a family. However, once the children are gone, and retirement is around the corner, you may begin to wonder if you need a four bedroom home. Should you downsize? Here are a few things to consider to make the decision a bit easier.

Have the Children Moved Out?

One of the most obvious reasons people consider a smaller home is that their children have moved out. However, you may find that you need the space for other things, such as an entertainment room. Carefully consider if keeping the larger home for these other activities is worth it or if you could create the same spaces in a smaller home.

Are All the Rooms in Use?

Are your children’s rooms gathering dust? Has it been years since someone stayed in your guest room? Does the house feel too big or even empty? Then it may be time to downsize. While those close to retirement may want an additional room to work on hobbies or to create a den for their husband, your home may still be too large for your needs. Consider your current home and if it’s worth the additional work and cost to keep living there.

Can You Afford the Utilities?

Once your children have moved out and you’ve retired, you may wonder how you’re going to pay the rising cost of utilities. In most cases, it just doesn’t make sense to keep paying such a high electrical bill when you no longer need such a large home.

Is the Housework Becoming Too Much to Handle?

There comes a time when you’re dusting dining rooms and cleaning bathtubs that no longer get used. In fact, you may find that it eats up precious time that you could spend working on a hobby or speaking to the grandchildren over the phone.

Is the Home Safe?

Last, but certainly not least, a large home may not be safe if you are aging. Homes with stairs may become a nightmare for those with weak muscles or medical conditions. A smaller home can be much easier and safer to navigate.

There are a number of reasons to downsize your home. Whether it’s to save money or to ensure your safety, smaller homes can be a relief for many homeowners. Sit down and carefully consider the pros and cons of keeping your home or downsizing to a smaller home.

 

About the Author: Danilo Boyar has worked as an EKG technician for several years and is now planning for retirement from the medical field. He’s carefully considering downsizing his home to ensure his retirement income will cover his living expenses and needs.

 

Filed Under: Dubai Property Tagged With:

5 Tips for Lowering Your Homeowners Insurance Costs

December 14, 2011 By Leave a Comment

Your monthly homeowner’s insurance policy premium can add a notable chunk of money to your house payment. No matter who you are or what your budget, every penny counts if you are conscious of your fiscal affairs. After all, who likes to throw money away on things that aren’t necessary? Did you know that your homeowner’s insurance policy could be costing you more than what you need, and that there are ways to lower the cost of that insurance without risking your home? Here are five tips for lowering your homeowner’s insurance cost:

Comparison shop. Just as with any other type of insurance, you can save a lot of money by shopping around with different providers before committing. That is because different providers offer different coverage, and use different factors to determine your premium.

Safeguard your home. You can drastically lower your homeowner’s insurance premium by making sure your home has the best and most safety features possible. For example, by placing new fire/smoke detectors around the house, dead-bolting the doors, and installing an alarm, you can decrease your insurance obligation by as much as fifteen or twenty percent

Raise your deductible. The deductible is the amount of money you agree to come out of pocket when you make an insurance claim, before the insurance company must come out of pocket. For example, you may have to pay a deductible of $2000 for smoke damage to your home, and the insurance company would pay the rest. By raising the deductible, you offset the insurance company’s risk, and your premium will be lower to reflect that.

One-stop shopping. Most insurance companies offer discounts for having multiple policies with them. Therefore, it is in your best interest to look into placing your health insurance, life insurance, auto insurance, and homeowner’s insurance policies all with the same provider.

Home versus land insurance. Don’t make the mistake of purchasing insurance for the land your home is on. Remember that your home is “property,” which can be damaged and destroyed, but your land will most likely stay the same regardless of the circumstances covered by a homeowner’s insurance policy. When you are getting homeowner’s insurance quotes, use the rebuilding cost of the property itself, not what you paid for the property (which includes the land).

As you can see, there are very simple things you can do to make sure you are paying as little as possible for your necessary homeowner’s insurance. If you take each of these examples into consideration, you could dramatically reduce your homeowner’s insurance obligation, without putting any unnecessary risk on your property’s security.

 

About the Author: Donald Laumbach is an insurance specialist who enjoys helping homeowners keep their costs low. He also works with parents to make sure they are saving properly for college expenses, looking for grants for college, and ensuring the financial futures of their children.

 

Filed Under: Insurance Tagged With: , , , ,

5 Reasons to Consider a Home that Needs Work

November 11, 2011 By Leave a Comment

Everyone’s heard of the good ol’ fixer upper or handyman’s special, but have you considered purchasing one? Are you willing to take on a home that needs some work? If you’re on the fence about such a purchase or haven’t considered the option at all, there are a few reasons to reconsider. Here are five reasons to consider a home that needs work.

Fixer Uppers Make Great First Homes

While you may want a first home that is in perfect condition, you shouldn’t shun a fixer upper. In fact, a fixer upper makes a great first home. Not only can you and your family make changes that meet your needs, but fixer uppers usually work for most budgets. The key is to search for a fixer upper that won’t drain your bank account or time. When shopping for a first home, consider fixer uppers that are mostly in need of cosmetic fixes.

A Home That Needs Work Is Less Expensive

If you’re willing to put in a little hard labor, you can save literally tens of thousands of dollars off the purchase of your home. A fixer upper that needs a major overhaul can be a great way to land a large home at a fraction of the price of other homes in the area. This also means you might be able to get a home in a coveted neighborhood without having to pay the high prices.

Financial Assistance Is Often Available for Fixer Uppers

Did you know that there was a loan offered by the Department of Housing and Urban Development that will cover the cost of the home plus the cost of the repairs? HUD’s 203 program can be a lengthy process, but the buyer will only be required to pay 3% down on the total of the house and the repair costs. This is a huge savings and is a great way to get the home of your dreams.

A Fixer Upper Allows for a Personal Touch

Many people move into showroom quality homes, but hate some of the features. Yet, they paid so much money that updating the features is out of the question. This isn’t something you have to worry about with a fixer upper. The prices are usually low enough that you can easily update the home with your own style without breaking the bank.

A Home That Needs Work Is a Great Investment

Last, but certainly not least, a fixer upper can be a great investment. You may purchase a house that is $150,000 and spend $25,000 in updates and then have the house appraised for $250,000. Of course, this is only one way to use a fixer upper as an investment. You can also rent the home until the housing market is back on track and then sell the home for a profit.

As you can plainly see, a fixer upper can be a wonderful purchase. Not only do fixer uppers make a great first home, but they allow you to put a personal spin on your home. Thanks to financial programs, you may even be able to get into a home for a small down payment. Last, but not least, don’t forget how good of an investment a fixer upper can be.

 

About the Author: Rosario Lindauer bought a fixer-upper and he and his wife have spent the past year making it into their dream home. Rosaio owns several investment properties and often uses Tenant Hunter sites to help him find occupants.

 

Filed Under: Dubai Property Tagged With: , ,

5 Tips for Negotiating a Lower Home Price

November 10, 2011 By Leave a Comment

Shopping for a new home always seems intimidating, especially when money is tight. Thankfully, it doesn’t really matter if you’re shopping in a buyer’s or seller’s market, there are a number of tricks you can use to negotiate a lower price. Whether it’s pointing out flaws or taking advantage of previous home sales, you can save thousands off the original price. Here are just five tips for negotiating a lower home price.

Pull Comparable Sales History

Just because a person prices a home at a certain price doesn’t mean it’s worth it. The easiest way you can determine whether or not the price is reasonable is to have your realtor pull up comparable sales. This means that the realtor will pull up similar homes that sold in the area recently and compare those prices to what the seller is asking. This will give you a much better idea of where to begin your offer.

Be Willing to Pay Closing Costs Yourself

If you want to score a great deal, do not ask for the seller to pay closing costs. Closing costs are around 3% of the total purchase price and a seller does not want to pay these. When a seller is asked to pay closing costs, they will usually do so, but will counter with a higher asking price.

Play the Sympathy Card

When putting in your offer, pluck at the heart strings of the homeowner. Realtors often recommend writing a letter that explains why you want the house and why you love the house. Tell them how they’ve done such a good job maintaining it and that it’s the most beautiful house you’ve seen throughout your housing hunt. It may seem crazy, but it doesn’t hurt to try.

Get an Inspection

The first thing you need to do after putting in an offer is to have a home inspection done by a licensed home inspector. This will cost around $500, depending on where you live, but can save you thousands of dollars down the road. An inspector will check everything from the foundation to the plumbing to the electrical. You can also ask to see previous inspection reports if other buyers have had them done on the home. Knowing what’s wrong with the home can allow you to go back and renegotiate the selling price.

Point Out Flaws in the Home

If the home inspection comes back with flaws, be sure to go back and point these out. Even if it’s something you know how to fix, ask for the money to be taken off the original agreed on price. Obviously, you don’t want to get knit picky, but you should point out leaking roofs, old water heaters, poor plumbing, etc.

When shopping for a home, don’t be afraid to pull out all the stops. After all, this is one of the biggest purchases you will ever make. Do your homework and find out what prices homes have sold for. Get an inspection and use it to your advantage. Last, but not least, be willing to pay those closing costs.

 

About the Author: Amy Brantley is a professional writer with a passion for real estate and home sales. She also enjoys writing about personal finance, credit repair, and loan sites like Money Mutual.

 

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